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CBN On Edge As Naira Heads Towards 500 Per Dollar

CBN On Edge As Naira Heads Towards 500 Per Dollar

When around 100 Nigerian youths staged a protest calling on Central Bank Governor Godwin Emefiele to resign over the slide in the naira, bank officials were keen to play it down. A central bank spokesman denied that there had been an actual media gag, but no major newspaper reported the protest after a meeting with […]

Pound Hits Its Weakest Level in History Against Currency Basket

Pound Hits Its Weakest Level in History Against Currency Basket

Trade-weighted BOE index shows sterling has dropped more than 15% since Brexit vote   The pound touched a historic low against a basket of global currencies, meaning it has likely never been weaker when measured against those of Britain’s trading partners. While the pound recently traded at a 31-year low against the dollar, and a […]

Nigeria Raises N95bn In Local Currency Bond

Nigeria Raises N95bn In Local Currency Bond

Nigeria raised 95 billion naira ($312.50 million) at an auction of local currency bonds on Wednesday, Oct 13, with the 2021 maturing debt attracting higher yield, while the 2026 and 2036 paper fetched lower returns, data from the Debt Management Office showed on Thursday. The debt office sold 10 billion naira of 2021 paper at […]

$13.9bn Illegal Transfer: Senate Summons CBN, MTN And Others

$13.9bn Illegal Transfer: Senate Summons CBN, MTN And Others

The Central Bank of Nigeria, MTN Nigeria, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen was on Thursday summoned by the senate over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act. The upper chamber of the National Assembly had instituted a probe into what it called the illegal transfer […]

$1.1bn Malabu Oil Deal Is complex, Malami tells Reps

$1.1bn Malabu Oil Deal Is complex, Malami tells Reps

The Federal Government said on Thursday that it had no conclusive position on the controversial $1.1bn award of Oil Prospecting Licence 245, better known as ‘Malabu Oil Deal.’ It said it had launched an ongoing investigation into the deal and would not take a position until all the “complexities” in the deal had been resolved. […]

CBN Assures Forex Supply To Man

CBN Assures Forex Supply To Man

The Central Bank of Nigeria on Wednesday assured the Manufacturers Association of Nigeria of improved foreign exchange supply to sustain its members’ production. Tokunbo Martins, the Director, Banking Supervision of the apex bank, made the disclosure while addressing newsmen at the end of the Bankers Committee Meeting held in Lagos. Martins said the bank would […]

CBN Stops 19 Banks From Selling Forex To BDCs

CBN Stops 19 Banks From Selling Forex To BDCs

The Central Bank of Nigeria (CBN) has suspended all the banks, with exception of First Bank, from selling dollars proceeds of international money transfer services (IMTS) to Bureaux De Change (BDCs). Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to BDCs. This was in a bid […]

UBA And European Bank Agrees To Finance Private Sector Investment

UBA And European Bank Agrees To Finance Private Sector Investment

An agreement have been signed by the European Investment Bank (EIB) and United Bank for Africa (UBA)to support private sector investment across Nigeria. The development will allow UBA to provide longer term funding to private companies in Nigeria. In a statement by UBA on Tuesday, the new private sector lending programme agreement was sealed on […]

Naira Appreciates More On Parallel Market

Naira Appreciates More On Parallel Market

Following the implementation of an arrangement that saw the intervention of Travelex in the Bureau De Change (BDC)  segment of the market, the naira continued its appreciation on the parallel market yesterday as it climbed to N468 to the dollar from N470 to the dollar the previous day. Also, the naira was calm on the […]

Dollar Rises To 7-month High On Interest-Rate

Dollar Rises To 7-month High On Interest-Rate

The dollar closed at a seven-month high Tuesday as bets that the Federal Reserve will raise interest rates this year continue to climb. The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.8% to 88.28, its highest closing value since mid-March. The pound fell 1.8% to $1.2133, while the euro fell […]

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